In the first quarter of 2024, Ghana experienced a remarkable trade surplus of GH¢11.5 billion, marking a significant economic achievement.
This surplus coincides with a notable 20.4% rise in the average prices of exported goods between Q1 2023 and Q1 2024, as highlighted in the latest quarterly report by the Ghana Statistical Service (GSS).
According to the report, exports during this period reached GH¢59.5 billion, while imports stood at GH¢48.1 billion, resulting in the aforementioned trade surplus.
Notably, gold bullion emerged as the leading export product, valued at GH¢29.7 billion, surpassing crude petroleum, which stood at GH¢12.2 billion.
The top five export products include gold, crude petroleum, cocoa beans, cashew nuts, and cocoa paste, collectively constituting 82.6% of all exports. This diversity in exports contributes significantly to Ghana’s economic growth and stability.
At the launch of the Ghana 2023 Trade Report, Government Statistician Professor Samuel Kobina Annim highlighted the positive trade balance, emphasising that exports exceeded imports by GH¢11.5 billion in the first quarter of 2024.
However, there was a decrease in the export value of cocoa products, amounting to $592.2 million in the first quarter of 2024 compared to the average of $825.8 million for the same period in previous years.
Prof. Annim stressed the urgency of addressing the challenges associated with this decline in cocoa exports, highlighting the importance of implementing immediate measures to rectify the situation and sustain Ghana’s economic progress.
“In 2022, the highest was in the first quarter. In 2023, the highest was in the first quarter, averaging about US$ 875 million for these quarters in the last three years. Then suddenly, we see a sharp decline to about $585 million in the first quarter of 2023.
“A significant decline from about $ 870 million to about US$ 580 million in the first quarter of 2023. This a situation that the agency [COCOBOD] is aware of and has found reasons that led to it, our expectation is that we minimise the vulnerabilities associated with whatever led to it [the decline in cocoa exports], and going forward we can sustain the returns from cocoa,” Prof. Anim said.
Source: Myjoyonline
